Pop Mart Is Now More Valuable Than The Three Global Toy Giants Combined

Chinese brands taking on global heavyweights is hardly new — just look at Temu vs. Amazon; Starbucks’ struggles with Luckin; BYD edging past Tesla; and $1 tea chain Mixue, which has more stores than McDonald’s. Now, that phenomenon has reached the toy aisle.

Pop Mart, a 15-year-old Chinese designer toy company, is not-so-quietly taking over the global market, with shoppers willing to wait in line for hours to get their hands on the toothy, mischievous-looking dolls.

At the center of it all is the Labubu doll, the most sought-after figure in these boxes and a full-blown cultural hit that’s selling out worldwide, spotted dangling off the bags of Rihanna and Dua Lipa.

Last week, the Labubu craze reached fever pitch with the release of its new edition, Labubu 3.0 — just as Pop Mart reported a more than 165% surge in Q1 revenue. Shares hit an all-time high on Tuesday, adding $1.6 billion to founder Wang Ning’s wealth in a single day, and are up ~460% over the past year, making Pop Mart one of the top gainers on the MSCI China Index.

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